eight Issues About Our New Finance Minister And What He’s Bringing To The Desk

8 Things About Our New Finance Minister And What He’s Bringing To The Table

Our latest Prime Minister, Tan Sri Muhyiddin Yassin introduced his cupboard line-up yesterday.

Trying via the record,
you could discover some acquainted names when you’ve been staying up to date with Malaysia’s
political scene for some time now.

Nonetheless, one identify that
many are questioning about now could be our new Minister of Finance’s: Tengku Dato’ Sri
Zafrul Aziz.

He’s by no means been
concerned in politics previous to this, so we took a have a look at his skilled
historical past (and a little bit of his private one) to get an thought of what we are able to anticipate
from him following his appointment.

1. He got here from fairly humble beginnings.

For main and secondary
college (as much as Type three), he attended authorities faculties, and he did his Type four
and 5 at Malay Faculty Kuala Kangsar (MCKK).

In a 2009 interview, he described his mother and father as being “very stingy” and “at all times about saving up”. They might give him solely small quantities of pocket cash, and it influenced the teams he frolicked with.

He went to England to
do his A-Ranges on a scholarship, and in college, because of his upbringing,
he primarily frolicked with different scholarship holders.

Whereas he was overseas, any
cash that he wanted from his mother and father he must justify, which on the
time he resented, however later appreciated when he was older.

2. He studied finance and economics within the UK, and bought his MBA in China.

In 1996, he graduated
from College of Bristol with a Bachelor of Science (BS) in Economics and
Accounting, and went on to additional his research with a Grasp’s diploma in Finance
and Funding from College of Exeter.

From 2017 to 2019, he was finishing his Grasp of Enterprise Administration at Tsinghua PBCSF (Individuals’s Financial institution of China College of Finance), which is a world-class monetary schooling establishment and a number one centre of monetary analysis.

three. At solely 46, he has 24 years of expertise within the monetary companies sector, specialising in funding banking.

Zafrul began out as
a company finance govt in AmInvestment Financial institution in 1996.

Later, he would take
on the position of Group Managing Director at Avenue Capital Assets Bhd, a
place that he held from 2002 to 2005.

After that, he joined
Citigroup as its Director and Head of Funding Banking.

When 2008 rolled round,
he was appointed Group Director at Kenanga Holdings and held the place till
he moved on to develop into CEO at Maybank Funding Financial institution in June 2010, up till
December 2013.

2014 was when he joined
CIMB as a boss in Principal Asset Administration earlier than climbing the ranks to
develop into CEO at CIMB Funding Financial institution. His promotions then got here quickly, and he
was elevated to group CEO within the following yr.

Picture Credit score: Above Inventive Occasions Sdn Bhd

In 2016, he was additional elevated to the standing of CEO of CIMB Financial institution, the group’s largest working entity. This was when he embarked upon a metamorphosis plan referred to as T18, or Goal 2018, to deal with recalibrating CIMB’s enterprise and finishing their ASEAN footprint.

After it was introduced that he could be Finance Minister yesterday, he resigned from all his board positions at CIMB.

four. He holds a Fellow Chartered Banker with the Asian Institute of Chartered Bankers.

Chartered Banker is
probably the most prestigious and internationally recognised skilled qualification
in banking throughout the globe, and is basically the gold customary for
professionals working within the banking sector.

“Holders of the title are recognised as extremely certified professionals with an in depth information of the trendy banking sector and its moral necessities,” explains the Chartered Banker web site.

5. He had an entrepreneurial stint.

Zafrul ran Tune Cash
Sdn Bhd for two years (2006-2008) as its CEO, and was additionally its predominant investor. At
the time, Tune Cash was referred to as a loyalty programme for AirAsia clients.

Later, it rebranded to TPaay Asia Sdn Bhd after which developed to BigPay. In 2015, Tune Cash was wholly acquired by AirAsia Bhd.

6. Sports activities has been part of his life since younger, and he’s additionally a triathlete.

He used to play hockey at school and would run on a leisure foundation.

When he was in his first yr on the College of Bristol, his predominant mode of transport was his bicycle—till it was abruptly stolen.

Later in his life, he toyed with the thought of competing in a triathlon, and finally went for it, together with his first being Xterra Malaysia.

Picture Credit score: Astro Awani

He went on to finish a number of others, however remarked in an interview with Biking Plus Malaysia that he would want to work on his swimming approach if he needed to compete extra typically.

7. He’s extra energetic than most of us on LinkedIn.

Since 2017, Zafrul has
posted a number of articles a yr on LinkedIn about subjects starting from his private
life, his CIMB profession, company methods, local weather change from a enterprise
perspective, and even the digital revolution.

Earlier than his resignation, he would additionally write posts a couple of instances a month whether or not it was about CIMB’s developments or sharing his insights on the threats and alternatives the ASEAN banking sector confronted.

eight. Apparently, he was additionally a choose on The Agency.

The Agency was Malaysia’s
first company actuality present, but it surely was shortlived, working for under 2 seasons.

The way in which the present
labored was two groups of entrepreneurs would compete in opposition to each other in a
collection of duties coping with totally different disciplines in enterprise.

Zafrul was a predominant choose on the present, and the winners of every season walked away with a contract with Tune Cash Sdn Bhd, the corporate that he was heading again then.

-//-

In gentle of his appointment, right here’s what Zafrul has to sit up for.

Based on Bloomberg, Zafrul might be tasked with implementing an RM20 billion stimulus bundle to counter the financial harm attributable to the coronavirus outbreak.

This might be a problem, contemplating progress in Malaysia was slowing down even earlier than the virus, with the supply reporting that it had weakened to a decade low in 2019.

Everybody’s eyes might be on him for positive, and a few Malaysians are already suspicious of him because of his ties to CIMB (of which Nazir Razak, Najib’s brother, was CEO earlier than he stepped down on account of 1MDB investigations and handed the place to Zafrul).

Featured Picture Credit score: McKinsey & Firm

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